Accel Entertainment, a provider of locals-focused gaming and one of the largest terminal operators in the United States, entered into a $900 million senior secured credit facility. The facility consists of a $300 million revolving credit facility and a $600 million term loan, each with a five-year term.
Initial borrowings from the credit facility were used to repay in full and terminate all outstanding commitments under Accel’s existing senior secured credit agreement.
“We are pleased to complete this financing, which enhances our liquidity profile while reducing our cost of capital for the years ahead,” Andy Rubenstein, CEO of Accel Entertainment, said. “This new facility positions us to continue investing in our distributed gaming operations, Fairmount Park Casino & Racing, and targeted growth opportunities, while maintaining a strong balance sheet as we focus on enhancing shareholder value.”
The credit facility is comprised of a syndicated group of banks. CIBC Bank USA acted as the administrative agent and lead arranger. Fifth Third Bank, JPMorgan Chase Bank, U.S. Bank and Truist Securities served as joint lead arrangers and Bank of America served as documentation agent.
